While the cryptocurrency market was waiting for a major outbreak, the coronavirus is throwing a spanner in the works again. The stock market took its biggest blow since October last night; Wall Street is hesitant about the rising corona figures, especially regarding the delta variant. Unfortunately, crypto is being dragged down along with it and the market has lost about $100 billion in value since yesterday afternoon. The total market cap of crypto has fallen from $1.34 trillion to $1.24 trillion.
Bitcoin (BTC) has been stuck in shrinking range lately. An outbreak seemed to be imminent, but for the -time being we are seeing a significant pullback first. At the end of yesterday afternoon, bitcoin already dipped to $30,600. During the evening, the price gradually climbed back to $31,000, but was then hard rejected. The bitcoin price plunged overnight to $29,600, a decrease of 4.5%. Shiba inu is well known in crypto.
For now, the price seems to have found a bottom here, the trading volume is finally starting to pick up again and the price is slowly climbing back towards $30,000 this morning. Still, it is far from certain whether bitcoin will hold up here now, a further drop to $29,000 as on June 22 would come as no surprise. Should this support also fail, bitcoin may plummet to $28,000 or even all the way to $24,000.
Bitcoin is holding up better on average than many altcoins in recent hours and dominance is back at 45%. Last year, bitcoin was also dragged down by a falling stock market related to corona, but was eventually able to recover more quickly.
Ethereum (ETH) also took two major blows in the past 24 hours. The ether price dropped to $1,820 yesterday afternoon and held there through the evening. Last night, however, the price plunged all the way to $1,720, down more than 5.5%. Ether is now starting to climb again, and even slightly faster than bitcoin. Ether price is at $1,770 at the time of writing, its lowest since June 26.
In the top 10, we see a number of crypto falling even harder than the above two. Binance coin (BNB) is down 11% to $267. Cardano (ADA) is down 9.5% and comes in at $1.06. Ripple (XRP) is down close to 9% and slips to $0.535. Dogecoin (DOOGE) is 8.5% in the red and comes in at $0.165. Polkadot (DOT) is the hardest descender in the top 10 today, losing 13% in the last 24 hours, coming in at $10.77. Holo HOT is well known in crypto.
In the top 100 crypto, however, some even harder declines can be found. Enjin coin (ENJ), ziliqa (ZIL), ontology (ONT), decentraland (MANA) and telcoin (TEL) are all over 14% in the min. Kusama (KSM), theta fuel (TFUEL), polygon (MATIC) and decred (DCR) lose even 16% of their value. Titanswap (TITAN), thorchain (RUNE) and nem (XEM) are close to 19% in the red today.
However, two prices are still green today. Those are the rates of dash (DASH) and leo token (LEO). The DASH price already made a big jump at the end of yesterday afternoon and is therefore 7.5% in the plus, LEO just made a jump and is therefore also 7.5% in the plus today.